More than 23 million Bank On-certified accounts were opened to date across 45 reporting institutions in 2024 — a 19% increase from the number of accounts reported in the previous year, according to a review of Bank On data by the Federal Reserve Bank of St. Louis.
The Bank On initiative was launched in 2015 to offer low-cost accounts to unbanked and underbanked individuals. As of 2024, Bank On-certified accounts have been opened in almost 38,000 ZIP codes, or 91% of all U.S. zip codes, the St. Louis Fed reported in its annual survey of the program.
More than 341 million debit transactions were processed per month for Bank On account holders, for an average of 33 debit transactions per account holder per month — a 6% increase from 2023. Total monthly debit transactions averaged more than $13 billion.
“The continued growth of Bank On accounts demonstrates how financial institutions are stepping up to meet the needs of underserved communities,” said Sydney Diavua, vice president and community affairs officer at the St. Louis Fed. “These accounts provide essential financial services that help individuals build economic stability and participate more fully in our economy.”
The survey also found:
- More than $260 billion was deposited into Bank On-certified accounts in 2024, for an average of 8.3 deposits per month, and 39% of account holders used direct deposit.
- The average number of reported peer-to-peer transactions per month increased from 31.8 million in 2023 to 61.4 million in 2024.
- The average monthly balance for Bank On-certified accounts increased slightly from $1,195 in 2023 to $1,273 in 2024.
